Time and time again there are people who don’t make the effort to begin with and don’t do their due diligence before jumping into the deep end when starting a business. They usually end up wasting a lot of time and money, here are tips on how to avoid this issue…

KEY TAKEAWAYS

  • If you think of this amazing idea, ensure what you’re thinking is really what the customer will like or want a lot too.
  • Have an idea where you know there are clients and customers that will definitely buy your products or services. You can do this by ensuring you’ve done all your market research.
  • Work within the industry first or work alongside someone who has loads of experience in that market before you take the jump with your own idea.
  • If you’re looking to open up a hairdressing salon and don’t have any experience, then you should rent per chair so you don’t have to hire any people yourself.
  • Run some ads in the area on social media to see how high the demand is first.
  • Don’t sign a lease for more than 1 year when starting off.
  • Once you’ve got an idea, stress test it to check how much money you can make and look at examples of other people within your industry in your area. You could mystery shop which will also help you.
  • Go to networking events and talk to people within the industry, get yourself into groups on social media and stay well connected with lots of people within your industry. Have them all give feedback on your ideas and gain other ideas or improvements for your idea.
  • Be part of a mastermind or reach out to your mentor to see what they think.

BEST MOMENTS

‘We get really excited and jump straight in but the failure rate is massive.’

‘Do your market research’

‘You may think it’s a really good idea but how much demand is there for it?’

‘If you do your research properly, the chance of success is so much higher.’

‘Before you spend a penny, check the demand out, make sure the demand’s there.’

‘Test the marketing using ads.’

VALUABLE RESOURCES

ABOUT THE HOST

Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0-500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.

Its huge success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.

A calling to give back and help others led to Jay being chosen for the highly-coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.

After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.

Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.

In the UK alone, 95% of business fail within the first five years, and Jay’s aim is to reduce that number.

Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.

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